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The Contracts Building Block Part 1 - The Basics

1. What is a Contract? A contract is an oral or written agreement between two or more persons or entities that is enforceable by law. An exchange is made and promised. For example, Seller: “I will fix your car for $500”. Buyer: “I will pay you $400 to fix my car.” Seller: “Okay, I will fix your car for $400, deal.” Enforceable contract formed.

2. Oral vs. Written Contract. A contract may be oral or written. As long as it meets the legal requirements for contract formation, it is legally enforceable. And yes, a napkin agreement could count as a contract, so could email exchanges, verbal conversations and texts.

3. Benefits of a Written Contract. A signed written agreement allows you to override all previous conversations. Getting out of or collecting on an oral agreement could be difficult.

Avoid “he said, she said” disagreements.

Written by Intuitive Edge Team

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Lisa ScottComment